News Release

Nexen Energy, a wholly-owned subsidiary of CNOOC Limited, is pleased to announce a positive final investment decision on our Long Lake Southwest expansion project in northern Alberta.

The approximately C$400 million project, which has received approval from the Alberta Energy Regulator, will add 26,000 bbls/d of production from three well pads that will be tied-in to Nexen’s existing Long Lake Oil Sands facility. Through this project, we will bring into production a meaningful number of lower steam-to-oil ratio wells, significantly improving Long Lake’s GHG performance. Construction is set to begin shortly, with first oil anticipated in late 2020.

This decision further affirms CNOOC Limited’s long-term confidence in the Alberta energy sector and helps achieve the Alberta Government’s climate objectives. We remain committed to growing our Canadian production profile, and our oil sands assets are an important component of this strategy.